Selling your bitcoins!
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Although I highly discourage selling your bitcoin, you may have your own reasons to sell bitcoins you own. In my previous articles, I have covered bitcoin in length. Go ahead and familiarise with bitcoin and how it works etc. Like buying bitcoin, selling bitcoin is also straightforward if you live any part of the world. But in this post, I will cover on how to sell your bitcoin primarily through 2 ways in Dubai, UAE, Saudi Arabia, Bahrain, Kuwait:
When I say selling bitcoin, I mean selling / trading bitcoin for cash. It is also possible to trade your bitcoin for other cryptocurrencies. This is entirely a different process. However, in this process I will be covering on how to sell your bitcoin for cash which will be deposited in your bank account.
Note: Crypto-currencies are highly volatile and hence I urge you only to get into these instruments if you have high risk appetite.
Selling your bitcoin in BitOasis
BitOasis is a leading crypto exchange based in the Middle East and serves most countries in this region. I have primarily used BitOasis to buy and sell bitcoins. I do not trade bitcoin as I am not an expert in this area.
When you log onto BitOasis, you are greeted with the home screen:
The screen will show you current bitcoin price and on the left hand menu, you will see two options, Sell Bitcoin and Trading Exchange. The easier on of these is to use Sell Bitcoin. However, I would not recommend these as this option gives you the average price of bitcoin and may be lower. The better option would be to use Trading Exchange. This option is the live price of bitcoin that is trading on the exchange. Again if you find the price under Sell Bitcoin better, I would suggest you go for it. By default, when you sign up for BitOasis, you will receive access to wallet. And when you verify your account, you will receive access to 2 services, Wallet and Trading platform.
You could theoratically buy and sell your bitcoins directly through you Wallet. But I would always suggest that you use Trading Platform to buy and sell bitcoin.
Let us compare the rate of bitcoin under Sell Bitcoin and Trading Exchange:
Price for selling bitcoin under Sell Bitcoin option: AED 14612
You will immediately notice that the price of Buy bitcoin and Sell bitcoin is different. This is called the Spread.
Price of bitcoin under Trading Exchange: AED 14773
You will clearly see that the price of bitcoin while selling under Trading Exchange is higher.
Once you have decided to sell bitcoin, you will need to click on Place Order. This can be a Market order or Limit order (I will cover about these topics in another article). In simple words, when you select Market order, the platform will take whatever is the current market price for bitcoin and apply it to your order. On the other hand, if you select Limit order the platform will only place order if there is an exact match buy order.
Once you have placed order, the platform will debit your trading platform bitcoin wallet with bitcoin and credit your trading platform fiat wallet with cash.
How to withdraw cash to bank account from BitOasis?
Once you have sold your bitcoin for cash, this cash is available under Trading platform, Deposit Balance.
Under the amount field, enter the desired amount of money that you would like to withdraw and click on Withdraw. This money will be credited to bank account registered with BitOasis within 4 working days locally and within 10 working days internationally. This feature is available for users in United Arab Emirates, Saudi Arabia, Kuwait, and Bahrain only. For Oman based users, they have to provide IBAN number in order to avail this feature.
BitOasis is by far the easiest way to trade bitcoin and other crypto-currencies.
Selling bitcoins through localbitcoins.com
Another popular way to sell bitcoin is through localbitcoins.com. Localbitoins is a platform for peer to peer buy and sell. The website provides platform and users transact with each other. However, the process is straight-forward. When you go to localbitcoins.com, you are greeted with their homepage and if your are looking to sell, click on Sell bitcoins on the top of the menu:
The most important aspect under localbitcoins is to make sure that you dealing with trusted and people with good reviews and ratings. Do not be scared….the platform is quite secure and the bitcoin that you are buying are held in the escrow and the person can not run away with your money. But being vigilant is helpful.
When you have selected the person you would like to deal with click on Sell on the right hand of the screen. You will be provided with the following screen.
Fill the form with proper details of the trade you’d like to do and when you have done that, the buyer will be provided with your bank account details registered with localbitcoins.com. When you confirm the funds as received, the bitcoin from your wallet will be debited and the person who bought will receive bitcoin.
Bitcoin is a very liquid asset and it is easier to sell bitcoin. Both BitOasis and localbitcoins.com are quite active in the market and are reputed. I hope this tutorial has helped you understand how you can sell bitcoins you own.